House Speaker Nancy Pelosi changed course and signaled she will support a ban on members of Congress trading stocks however only under the condition that it’s “government wide.” According to reports, Democrats are hoping to vote on a bill implementing the ban by the end of the year, possibly before November’s midterm elections.
The Hill reports:
During a press conference Wednesday, Pelosi said that lawmakers are looking to find consensus on “government wide” stock trading reforms that also cover the judiciary, including Supreme Court justices, who currently aren’t required to disclose financial transactions.
“The third branch of government, the judiciary, has no reporting,” Pelosi added at a Capitol news conference. “The Supreme Court has no disclosure. It has no reporting of stock transactions. And it makes important decisions every day.”
Senate Majority Leader Charles Schumer (D-N.Y.) also got behind a congressional stock trading ban this week, further bolstering its chances.
“I have asked our members to get together to try to come up with one bill,” Schumer told reporters Tuesday. “I would like to see it done.”
Previously, Pelosi who has made millions from the stock market signaled her support for members of Congress being able to participate in the “free-market economy.”
It’s unclear just how Democratic leaders would attempt to prevent lawmakers from trading individual stocks. Most proposals would require members of Congress to place their assets in a blind trust. Pelosi’s spokesperson did not immediately respond to a request for comment.
Several bills to end the practice of congressional stock trading have already been introduced but have failed to gain momentum.